Under NJ law, what specific disclosure must a lender provide to a borrower regarding private mortgage insurance (PMI)?
Correct Answer
A) The lender must disclose the cost of PMI and the conditions under which PMI may be canceled
NJ requires lenders to disclose both the cost of PMI and the specific conditions under which the borrower may request cancellation of PMI.
Why This Is the Correct Answer
NJ requires lenders to disclose both the cost of PMI and the specific conditions under which the borrower may request cancellation of PMI.
More UST Questions
What is the minimum net worth requirement for a mortgage lender licensee in Pennsylvania?
A Georgia MLO company fails to pay its annual license renewal fee by the December 31st deadline. The company's license status would be:
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A mortgage loan originator in New Jersey must provide which specific state-required disclosure to borrowers in addition to federal requirements?
Under Texas law, which of the following is TRUE regarding deficiency judgments after a residential mortgage foreclosure?
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Under the Mortgage Lender Servicer Act, a Florida mortgage lender's license may be revoked by the OFR for which of the following reasons?
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